“All my life, I’ve been in the top 5% of people who understand incentives, and all my life, I’ve underestimated it.” — Charlie Munger Quoting from memory. It’s

“All my life, I’ve been in the top 5% of people who understand incentives, and all my life, I’ve underestimated it.” — Charlie Munger Quoting from memory. It’s true that almost every time I see a really strange group behavior, it’s the natural result of poorly conceived incentives. This is a problem that is likely to be with us forever.